Bank of England (BOE) has hired McKinsey & Company and Deloitte to review the central bank's strategy and operations. Both companies were chosen after a competitive tender, beating more than 10 other renowned consulting firms. The assessments are due to be completed in the first quarter of next year.

In a press release, the Bank of England announced that McKinsey will work on a strategic plan, examining the central bank's priorities for the coming years. The review by the strategy consulting firm will guide “strategic investment decisions, working methods, and allocation of time and resources”, thus a spokesman of the bank. McKinsey will report to BOE Chief Operating Officer Charlotte Hogg, the central bank's most senior female employee and a former McKinsey employee*.

Deloitte will conduct an assessment of the operations, focusing on finding potential operational improvements in all business areas, ranging from finance, to IT and HR. In April, BOE's then-finance director, Warwick Jones, acknowledged that in particular its IT costs had been significantly higher than forecasted. In the press release, the Bank of England stated the institution aims at working “as effective and efficient as possible” and that Deloitte will lead the “identification and implementation of efficiencies.”

* Charlotte Hogg started her career at the U.K. central bank before leaving in 1994 to join McKinsey in Washington. She re-joined BOE earlier this year from Banco Santander.